International Hotel Investments plc – Half-Yearly Report

International Hotel Investments plc – Half-Yearly Report

International Hotel Investments plc (IHI) announced that the Board of Directors approved of the Group’s Half-Yearly Financial Statements for the period ended June 30, 2009.

IHI registered a sharp decline in its Profit before tax, from a profit of EUR 6.01 million in 2008, to a Loss before tax of EUR 1.43 million for the first six months. Likewise, Turnover also has decreased from EUR 64.3 million in 2008 to EUR 51.39 million in 2009, a decrease of just over 20%. The company stated that “the adverse effects of the financial crisis that started to be felt in the second semester of 2008 have spilled over into 2009 with the hospitality industry suffering the effects of recession in its main feeder markets resulting in falling occupancies and increasing pressures on room rates.” Earnings per share declined from a positive EUR 0.004 to a negative EUR 0.005.

To view the Half-Yearly Financial Statements, Click Here.